What's driving early retirements?

**SPEAKER_1** (0:00)
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**Kimberly Adams** (0:25)
Many older Americans are retiring early and not necessarily because they want to. From Marketplace in Washington, I'm Kimberly Adams. A new survey says that most Americans are retiring earlier than they want to. Retirement company TIAA and polling firm Ipsos surveyed workers and retirees and found that, on average, workers think they'll retire at around 62
The average age at which people actually left the workforce is closer to 57
And most of them said they wished they'd saved more or sooner. Marketplace's Kaylee Wells explains why there are so many reluctant retirees.

**Kaylee Wells** (1:03)
The most common reason for early retirement isn't the worker at all, says Teresa Ghilarducci. She's an economics professor at The New School.

**Teresa Ghilarducci** (1:10)
They are retired because their employer forces them out.

**Kaylee Wells** (1:15)
In favor of a younger, maybe cheaper employee.

**Teresa Ghilarducci** (1:18)
Or they're laid off.

**Kaylee Wells** (1:20)
Ghilarducci says that's what forced her mom to retire at 72 before she was ready. The other common reason?

**Teresa Ghilarducci** (1:26)
Their own health or their spouse's health forces them to have to leave the labor market to take care of themselves or somebody else.

**Kaylee Wells** (1:34)
The grim reality, she says, is that retiring early is hard. Partly because life is more expensive these days.
And...

**Sam Stovall** (1:42)
Life expectancies have gotten much, much longer.

**Kaylee Wells** (1:45)
David Deming, founder of Deming Financial Services Court, says he used to plan for his clients through age 95 Now he pushes it to 100 or even later.

**Nancy Marshall-Ginza** (1:54)
The bottom line is your money has to work longer.

**Kaylee Wells** (1:57)
So Deming, who at 79 is still serving clients, recommends working longer. But Craig Copeland, director of wealth benefits research at Employee Benefit Research Institute, says the data just isn't showing that people are doing that.

**Craig Copeland** (2:10)
You know, you can't predict your health. You can't predict that the organization is going to stay going because there's a dynamic economy. So people are going to be churning.

**Kaylee Wells** (2:19)
So Copeland's recommendation, People should be thinking about this. and planning for potential health problems or layoffs. So there's enough money in the bank to handle an unexpected early retirement. I'm Kaylee Wells for Marketplace.

**Kimberly Adams** (2:33)
A new batch of tariffs went into effect overnight. They cover pretty much everything that gets imported into the United States. The Trump administration says these new duties were imposed to curb forced labor. The White House is trying to rebuild the tariff wall torn down by Supreme Court ruling earlier this year. Marketplace's Nancy Marshall-Ginza reports.

**Nancy Marshall-Ginza** (2:52)
These latest tariffs will range from 10 to 12.5 percent, and they'll be imposed on 60 of our trading partners. The Trump administration says these new levies cover around 99 percent of all US imports. But some products will be exempted. For example, things that aren't really produced in the US., like instant coffee.
Oil and natural gas are also exempted. The tariffs taking effect today will replace a 10 percent global import tax that expired overnight. It was put in place after that Supreme Court ruling that struck down President Trump's blanket tariffs earlier this year.
More tariffs are on the way. They're aimed at countries the US says overproduce, selling certain products at prices so low that US producers can't compete. This investigation covers 16 US trading partners, including China. I'm Nancy Marshall-Genser for Marketplace.

**Kimberly Adams** (3:45)
Countries affected by this latest round are calling the tariffs unjustified, extremely disappointing, and harmful to trade.

**SPEAKER_1** (4:08)
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**Kimberly Adams** (4:33)
Over the past two weeks, we've gotten a slew of new data that gives us a sense of how the economy is doing through the lens of some of America's biggest businesses. We're in an earnings season when many publicly traded companies are reporting their second quarter earnings. For a roundup and some big takeaways, we're joined by Sam Stovall, Chief Investment Strategist at CFRA Research. Good morning, Sam.

**Sam Stovall** (4:54)
Good morning, Kimberly.

**Kimberly Adams** (4:55)
Looking at the past two weeks of earnings reports, what really jumped out to you?